With several of my fellow senators as cosponsors, I recently reintroduced Audit the Fed once more as a standalone piece of legislation.
Though I have received criticism from both sides of the aisle arguing that Audit the Fed would compromise the Federal Reserve's autonomy, transparency and oversight of every government institution is imperative and ought to be a bipartisan objective.
While Congress was the body that established the Fed and assigned a portion of its monetary policy powers, "Independence" has become synonymous with "Secrecy." Enacting Audit the Fed would finally deliver answers to the American people about how Washington is spending their money.
When the Dodd-Frank Act mandated a one-off audit of the Fed's proceedings, the Government Accountability Office's partial audit revealed that during the 2007 financial crisis, the Fed had lent more than $16 trillion to foreign and domestic banks.
Even the Fed itself admitted that "Stimulus" throughout the pandemic was a key cause of the rampant inflation experienced by the American economy.
With my reintroduction of Audit the Fed, Congress will have another opportunity to ensure the Federal Reserve's operations are accountable and transparent.
The American people have a right to see behind the veil of secrecy at the Fed.
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